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Missouri is one of the most affordable states, with an overall cost of living score of 88.3 (compared to the national average of 100) in 2023. Groceries, housing, transportation, healthcare, and miscellaneous costs are all lower than what you’d find in most other states. The current minimum wage in the Show-Me State is also $12.30 an hour.
But even with the relatively cheaper cost of living and higher minimum wage, many Missourians struggle to keep up with everyday expenses. So, when unexpected bills come up, it’s no wonder so many people turn to alternative funding sources to help bridge the financial gap.
If you need emergency money in Missouri, cash loans could help. They come in many forms, including installment, personal, and online payday loans. Plus, they can include simple loan applications and fast funding and approval times so that you get the money you need now.
Here’s everything you need to know about Missouri cash loans, including their purposes, eligibility requirements, and application process.
Understanding Cash Loans
A cash loan is a personal loan that helps cover emergency or unplanned expenses. You can typically apply for them online, which is convenient if you do not live near a storefront lender.
The application process is generally simple and fast. Most lenders only require basic personal, contact, and financial information. Some — particularly those offering loans to borrowers with bad credit — do not even require a credit check.
It may only take a few hours or days from the time you apply to the moment you’re approved and receive funds. This is especially helpful if you’re in a hurry and need money now.
If you apply for an online loan, you may get the funds as a direct deposit to your bank account. Other lenders may give you physical cash or a check.
Once you have the money on hand, you can pay for things like medical bills, car repairs, or utilities. You can also use it as a financial buffer to cover you until your next paycheck.
Most cash loans range from a few hundred to several thousand dollars. They may also include interest or other lender fees, which you must pay when the loan comes due.
Repayment options vary based on the type of loan you get. You may need to make a lump-sum payment with certain short-term loans — such as payday or pawnshop loans. Other loan options, like installment and certain bad-credit personal loans, may take several months or even years to pay back the full amount.
If you’re looking for an installment loan with a longer repayment period, consider applying through Jora. We offer cash loans ranging from $500 to $4,000 in Missouri with quick funding times and flexible repayment terms.
You can get a cash loan in Missouri as long as you meet the lender’s requirements. Before applying, check out the most common types of cash loans and how they might help in your situation:
- Title loans: These short-term secured personal loans use your car as collateral. The amount you receive depends on the vehicle's value and the lender. Keep in mind that the lender could seize your vehicle if you do not repay your title loan.
- Payday loans: Sometimes called cash advance loans, payday loans are geared toward bad credit borrowers. They usually come in amounts of $500 or less. You can get them from direct lenders online or in person. In Missouri, they have a 14- to 31-day repayment period. Unlike installment loans, you must repay the full amount plus financing fees all at once.
- Pawnshop loans: A pawnshop loan is a short-term loan geared toward borrowers with bad credit. To get a pawnshop loan, you’ll need to put up collateral — like a piece of jewelry — in exchange for funds. If you do not repay the loan on time, the pawnshop broker could sell your item after 60 days.
- Friend and family loans: If you need cash fast, you could ask a loved one for money. Just be sure to clarify the parameters of the loan — such as how much you need and the repayment term — before borrowing money.
You can also get online installment loans in Missouri. This type of cash loan is typically unsecured, meaning you do not need collateral to get money. You can apply for installment loans online from loan direct lender like Jora.
Jora offers loans for consumers who may have bad credit. Our online installment loans have a simple application process. Depending on when you apply and if approved, you could receive funds the same day you apply.* Repayment terms are flexible — usually at least several months — and no hidden lender fees exist.
Why Jora Credit?
Before applying for online loans in Missouri, here are some general requirements you'll need to meet.
- Credit score: Even with bad-credit online loans, you may need to undergo a credit check. Your credit score may only be part of the bigger picture, though. Some lenders, like Jora, also consider other factors like your income.
- Income: Most personal loans in Missouri, including payday, installment, and other direct lender loans, require proof of income. Your earnings can impact your loan amount.
- Bank account: You’ll typically need to provide basic banking information to get your loan. Some lenders, like payday lenders, are able to debit your account when loan payments are due.
- Proof of identity: You need to be at least 18 and usually a Missouri resident to get a loan. Be prepared to provide proof of identity and residency — like a government-issued driver’s license.
- Assets and liabilities: You may also need to provide information about any assets or liabilities, like savings account balances, a paid-off vehicle, and debts.
Ready to apply for an online cash loan in Missouri? Here are the typical steps:
- Determine how much you need. Only borrow the exact amount you need and can afford to repay.
- Get your documents ready. You may need proof of income or employment — like pay stubs, income tax returns, or a job offer letter. You’ll also typically need some form of ID and banking information.
- Complete the application. Fill out the online loan app and wait for the lender’s decision. If approved, you’ll receive funds and can use them as needed.
Need a bad credit loan in Missouri? Jora is a direct lender offering online loans for emergencies in Missouri, providing up to $4,000 even for those with bad credit. We have a simple online application process. If you apply and accept your loan prior to 10:30 a.m. Central time (Monday - Friday, excluding bank holidays) your loan can be funded that same day.*